VSE: Riley, Approved
Person Disciplined
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Notice to Members #133/98
VSE: Riley, Former Approved Person Disciplined
Following an Exchange Hearing, an Exchange Hearing Panel found that
Joseph Frederick Riley ("Riley"), at the time of the infraction an Approved
Person employed by Georgia Pacific Securities Corporation, had breached Exchange By-Law
5.01(2) and imposed the following penalties:
- payment of a fine in the amount of $5,000;
- a requirement to write and successfully complete the exam based on the Conduct and
Practices handbook before any future application for approval as an investment advisor;
- a requirement that any application be subject to a fitness hearing, if Riley seeks
reinstatement; and
- a requirement to be under strict supervision for a period of six months, should Riley
become reinstated.
An assessment of costs is to be made following submissions to the
Panel.
By-Law 5.01(2) states in part, that an infraction means any conduct,
proceeding or method of business that is unbecoming or inconsistent with just and
equitable principles of trade or detrimental to the interests of the public.
Riley acknowledged that he had failed to disclose certain matters in
completing an Application Form for registration/approval. The Panel found that in so
doing, he had not intentionally sought to mislead his Member Firm and the Exchange with
respect to his criminal record.
Copies of the Exchange decision may be obtained from the
Exchange’s Corporate Secretary.
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